UP until a few years ago, any state looking to set up its own dedicated oil and gas outfit — and aiming for a larger share of oil revenue from production activities, or any similar plan — would have hit a brick wall in the form of Petroliam Nasional Bhd (Petronas). However, more recently, the situation has changed for various reasons.

In 2014, the Sabah government formed Sabah International Petroleum Sdn Bhd “as a special-purpose entity to support the state’s continuous development in the oil and gas sector and to further strengthen the Sabah government’s position in the oil and gas industry”.

And now, there is Petroleum Sarawak Bhd (Petros), which will seek a larger share of oil revenue from production activities for Sarawak.

Sabah DAP has urged the state government to acquire the “promised” 10% stake in Petronas LNG 9 Sdn Bhd (PL9SB) by the end of the year, saying “three years have been wasted with nothing achieved” on the delayed deal.

Sabah DAP secretary Chan Foong Hin said M3nergy, which was acquired by Sabah Development Bank Group Berhad, had changed its name to Sabah International Petroleum Sdn Bhd (SIP), which would be used as the vehicle to acquire the 10% share in PL9SB.

“SIP has not been generating any dividend for the state government as it is under a consolidating process now,” Chan told FMT in response to Chief Minister Musa Aman’s written answer to his question at the state legislative assembly sitting here today.